Wednesday ended up being the most interesting day of the week for rate movement thanks to headlines suggesting The U.S. and Iran were close to signing a one page memo to end the war. Why a memo? A more formal peace agreement will be a lot longer than one page and will take a lot more
Last week’s newsletter noted an exceptional lack of volatility, but this week ended up shifting gears in a noticeable way. Monday was actually an extension of last week’s ultra-narrow range. It was Tuesday and Wednesday that did all of this week’s damage. The final two days of the week brought rates a hair lower. Tuesday’s rate
If there were a movie about mortgage rates, this week would be the part where they say “it’s quiet… almost TOO quiet.” Case in point: MND’s daily mortgage rate index has held inside a range of 0.04% since last Tuesday. This kind of thing happens several times per year. The previous two instances gave way to noticeably
The good news: mortgage rates ended the week at the lowest levels in more than a month. The puzzling news: rates fell only modestly on Friday even though the bond market said they could have fallen more. Mortgage lenders consider several factors when deciding where to set mortgage rates. By far and away, the bond market
Whereas the entire month of March was “up, up, and away” for interest rates, April has been far calmer by comparison. The average lender ended the week in slightly lower territory and there was less volatility to boot. Refreshingly, the lower volatility means that weekly surveys were aligned with daily rates in showing the modest drop
First things first, due to the market’s reaction to the Iran war, mortgage rates remain much higher than they were at the end of February. That said, they definitely did not move higher this week. You may have seen contrary headlines on Wednesday and Thursday. The Mortgage Bankers Association (MBA) and Freddie Mac release their weekly
